Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead

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The Carolina Panthers' proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead after team owner David Tepper’s real estate company filed for Chapter 11 bankruptcy protection in Delaware on Wednesday night.

Tepper, who made billions in hedge funds, is the NFL’s wealthiest owner. The filing will not affect the NFL’s Panthers or Major League Soccer’s Charlotte FC in any way.

It’s unclear at this point what will happen to the half-built practice facility.

Tepper has invested more than $175 million into the facility, which is located about 25 miles south of the team’s current downtown stadium and headquarters in Charlotte, North Carolina

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The bankruptcy ends a bitter back-and-forth public disagreement between Tepper and the city of Rock Hill.

Tepper’s company said it negotiated with the city for more than a year, warning them in March they had 30 days or the Panthers would pull out. They said in a statement in April that is “unfortunate that some recently decided to conduct a misguided, destructive public relations campaign to obscure their failures.”

Rock Hill officials responded to the announcement, saying the Panthers' announcement was “misleading and erroneous” and that they embraced the Panthers, welcomed their headquarters to South Carolina and “did everything to make this project a success and has not defaulted on any of our obligations.”

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